According to Freddie Mac's Primary Mortgage Market Survey, the average rate for a 30-year fixed rate mortgage rose by 1 basis point (bp) over the week ending March 7, to 3.52 percent. This represents a drop of 36 bps since the year earlier rate but an increase of 18 bps since the beginning of the year.
Applications for refinancing, which represented nearly 76 percent of total applications, fell 5.2 percent over the week ending March 7.
